SAN FRANCISCOEDA vendor Cadence Design Systems Inc. reported third-quarter sales of $216 million, in line with the company's guidance for the quarter and slightly above consensus analyst estimates for the period.
Third-quarter revenue increased 3 percent compared with the second quarter, but was down 7 percent compared to the third quarter of 2008, Cadence (San Jose, Calif.) said. The company reported a loss in accordance with generally accepted accounting principles (GAAP) or $14 million, or 5 cents per diluted share, compared to net losses $74 million and $171 million, respectively, for the previous and year-ago quarters.
On a non-GAAP basis, excluding charges, Cadence reported a third-quarter net income of $7 million, or 3 cents per share, compared to non-GAAP net losses of $13 million and $23 million, respectively, for the previous and year-ago quarters.
Cadence had said in July that it expected third-quarter revenue to be between $210 million and $220 million.
Analysts had been expecting, on average, for the company to report revenue of $214 million for the third quarter, according to Yahoo Finance. Analysts were also expecting Cadence to post a non-GAAP net loss of 1 cent per share for the quarter.
Cadence said it expects to post fourth-quarter revenue of between $215 million and $225 million, in line with analysts' expectations. The company said it expects to post a GAAP loss per share of 6 to 8 cents, and a non-GAAP net income of 2 to 4 cents per share for the fourth quarter.
Cadence said it now expects full-year 2009 sales to be between $845 million and $855 million. The company said it expects to post a loss per share for the year of 64 to 66 cents on a GAAP basis and 8 to 10 cents on a non-GAAP basis.